Hot gold bullion, hottest global gold stocks

A look at the most-wanted names, as dollar gold bullion flirts around near-records.

JOHANNESBURG – Why is Goldcorp, the world’s No 2 gold stock by market value, relatively underperforming its global peers in the stock price tables; why, also Agnico-Eagle?

These and other questions may well be pondered by specialist investors in listed gold stocks, as the dollar bullion price flirts with making fresh all time records.

What is clear is that the favoured Tier I gold counter, Newmont, continues to hold sway over the global gold subsector group. This is a position Newmont has held for much of this year. It is followed in the Tier I sector, in terms of stock price performance, by Newcrest (busy with a merger with fellow Australia-based global Tier I name Lihir), Barrick (the world’s No 1 gold stock by value and production), and two South Africa based names, AngloGold Ashanti, and Gold Fields.

Looking at gold and gold-related stocks, the biggest, in terms of market value, stands as US-quoted SPDR Gold Shares ETF, the world’s biggest gold bullion exchange traded fund. This has a current market value of $52.3bn, compared to Barrick’s $45.1bn. The ETF holds physical bullion on behalf of investors, and does not operate as a mining company, thus removing the many risks that may or may not be associated with digging the stuff out of the ground. The ETF does not accrue, or pay, any form of income, unlike a gold stock, which may pay dividends and/or interest on debt instruments.

Looking at the most in-demand Tier II stocks, Red Back makes a strong appearance, under offer as it is from Tier I gold stock Kinross, which, from a pricing viewpoint, ranks as the bottom performing in its peer group, with the exception of China’s Zijin.

Goldcorp this week announced a take out bid for Andean; investors may perceive, as is also the apparent case with Kinross, that the bids are overpriced. Such a notion has done but little, however, to dampen appetite for Newcrest. The three bids mentioned involve differing components of paper (fresh equity) and cash. These do not appear correlated, as such, with relative stock price performance.

The majority of Tier II gold stocks are well in demand; the only real exception is Yamana, possibly a delayed reaction to the firm’s somewhat unconventional style of reporting its production and costs.

Looking at gold stocks with a market value of at least $20m, it is apparent that a good number of smaller names are in plentiful demand; mention can be made of Romarco, Integra Mining, Timmins Gold, Grayd Resource, Radius Gold, and Guyana Goldfields.

A good number of gold stocks active in Africa are also in excellent demand, not least Great Basin, Semafo, Nevsun, Adamus Resources, Oromin, Golden Star, and Perseus Mining. No doubt a number of investors and speculators are taking bets on the “next” Red Back.

100 most-wanted gold & related equities

 

With a minimum market value of USD 20m

 

 

 

 

Stock

From

From

Value

 

price

high*

low*

USD bn

Romarco

CAD 2.32

0.0%

132.0%

1.038

Great Basin

CAD 2.51

0.0%

73.1%

0.833

Integra Mining

AUD 0.50

0.0%

132.6%

0.345

Timmins Gold

CAD 2.14

0.0%

234.4%

0.252

Grayd Resource

CAD 1.05

0.0%

218.2%

0.081

Radius Gold

CAD 0.82

0.0%

368.6%

0.057

Guyana Goldfields

CAD 10.29

-0.1%

169.4%

0.758

Semafo

CAD 9.46

-0.1%

279.9%

2.443

Allied Nevada

CAD 26.90

-0.2%

179.6%

1.469

Premier Gold

CAD 5.95

-0.3%

138.0%

0.580

Nevsun

CAD 5.43

-0.4%

179.9%

1.001

Gold Resource

USD 16.05

-0.4%

145.2%

0.793

Rainy River

CAD 8.01

-0.5%

310.8%

0.553

Lihir

AUD 4.48

-0.7%

74.3%

9.700

Xtra-Gold Resources

USD 1.45

-0.7%

126.6%

0.050

[[SPDR Gold Shares ETF]]

USD 122.70

-0.7%

26.8%

52.246

Anatolia

CAD 7.81

-0.8%

288.6%

1.033

Adamus Resources

AUD 0.65

-0.8%

86.1%

0.230

European Gold

CAD 10.51

-0.8%

191.9%

1.826

Mineros SA

COP 6,580

-0.9%

73.7%

0.953

Bear Creek Mining

CAD 5.68

-1.2%

140.7%

0.379

Bear Lake Gold

CAD 0.40

-1.2%

166.7%

0.042

St Barbara

AUD 0.39

-1.3%

85.7%

0.696

Oceanagold

AUD 3.85

-1.3%

288.9%

0.803

Oromin

CAD 1.38

-1.4%

133.9%

0.164

Intrepid Mines

AUD 1.03

-1.4%

390.5%

0.405

PanAust

AUD 0.66

-1.5%

65.0%

1.782

Alexco Resources

CAD 4.58

-1.5%

84.7%

0.232

Golden Star

USD 4.92

-1.6%

90.0%

1.210

Perseus Mining

AUD 3.02

-1.6%

184.9%

1.163

Troy Resources

AUD 2.87

-1.7%

55.1%

0.229

Atac Resources

CAD 7.22

-1.8%

1436.2%

0.623

Colossus Minerals

CAD 8.68

-1.8%

200.3%

0.694

Orvana Minerals

CAD 1.95

-2.0%

137.8%

0.216

Newmont

USD 62.07

-2.1%

49.7%

30.085

Newcrest

AUD 38.80

-2.4%

30.5%

17.148

ASA Ltd

USD 28.10

-2.4%

29.1%

0.546

Tanzanian Royalty

CAD 6.63

-2.5%

127.8%

0.577

Alamos

CAD 17.62

-2.6%

106.6%

1.944

Kingsgate

AUD 10.67

-2.8%

52.2%

0.983

Centerra

CAD 15.77

-2.8%

126.9%

3.533

Shandong Gold

CNY 45.30

-2.9%

59.5%

9.486

Sandfire Resources

AUD 5.95

-2.9%

230.6%

0.715

Reunion Gold

CAD 0.33

-2.9%

450.0%

0.033

Shield Mining

AUD 0.32

-3.0%

300.0%

0.028

Almaden Minerals

USD 2.87

-3.0%

348.4%

0.130

Centamin Egypt

CAD 2.86

-3.1%

84.5%

2.804

Buenaventura

USD 41.35

-3.1%

44.6%

11.367

Kaminak Gold

CAD 3.65

-3.2%

973.5%

0.201

Avoca Resources

AUD 3.34

-3.2%

125.7%

0.888

Midland Exploration

CAD 1.69

-3.4%

92.0%

0.039

Dragon Mining

AUD 0.14

-3.6%

101.5%

0.091

High River

CAD 1.05

-3.7%

195.8%

0.800

Zhaojin

HKD 20.85

-3.7%

63.7%

1.173

Saracen

AUD 0.52

-3.7%

96.2%

0.234

Kasbah Resources

AUD 0.13

-3.7%

170.8%

0.028

New Gold

CAD 6.72

-3.7%

99.4%

2.508

Red Back

CAD 30.72

-3.8%

180.3%

7.517

Eldorado

USD 19.29

-3.8%

94.7%

10.554

Fresnillo**

GBP 10.95

-3.9%

69.2%

12.113

JSC Polymetal**

USD 13.30

-4.0%

70.5%

5.312

Ampella Mining

AUD 2.11

-4.1%

374.2%

0.343

Detour Gold

CAD 31.39

-4.1%

207.1%

2.468

Barrick

USD 45.75

-4.7%

36.0%

45.095

Canaco Resources

CAD 2.80

-4.8%

4566.7%

0.424

Extorre Gold

CAD 5.23

-4.9%

302.3%

0.377

US Gold Corp.

USD 5.17

-5.0%

155.9%

0.602

Ramelius Resources

AUD 0.75

-5.1%

107.2%

0.200

Zhongjin

CNY 36.29

-5.1%

47.0%

7.600

B2Gold

CAD 1.87

-5.1%

175.0%

0.555

Catalpa Resources

AUD 1.86

-5.1%

58.2%

0.277

Central Gold Trust

USD 48.90

-5.2%

25.8%

0.534

Int’l Minerals

CAD 4.45

-5.3%

27.1%

0.489

Volta Resources

CAD 1.70

-5.6%

900.0%

0.214

Regis Resources

AUD 1.35

-5.6%

202.4%

0.511

Bralorne Gold

CAD 1.15

-5.7%

76.9%

0.025

Aurizon

CAD 6.99

-5.8%

83.5%

1.064

Patagonia Gold

GBP 0.20

-5.8%

68.8%

0.211

PMI Gold

CAD 0.24

-6.0%

193.8%

0.056

Silver Lake Resources

AUD 2.35

-6.4%

217.6%

0.384

AngloGold Ashanti

USD 44.39

-6.6%

30.1%

16.104

Skyline Gold

CAD 0.28

-6.7%

330.8%

0.030

Randgold Resources

USD 92.56

-7.1%

45.6%

8.409

Gryphon Minerals

AUD 1.10

-7.2%

204.2%

0.248

Richmont Mines

CAD 5.06

-7.3%

77.5%

0.149

Kryso Resources

GBP 0.16

-7.4%

152.0%

0.039

Carpathian Gold

CAD 0.44

-7.4%

83.3%

0.120

North Atlantic Resources

CAD 0.50

-7.4%

1011.1%

0.023

Metals X

AUD 0.19

-7.5%

105.6%

0.231

Orezone

CAD 0.97

-7.6%

98.0%

0.063

Fronteer

CAD 7.75

-7.8%

105.6%

0.891

Gold Fields

ZAR 107.25

-7.9%

29.1%

10.391

Auex Ventures

CAD 5.70

-8.1%

129.8%

0.213

Mungana Goldmines

AUD 0.88

-8.3%

10.0%

0.126

Franco-Nevada

CAD 31.52

-8.4%

24.2%

3.427

Iamgold

USD 19.21

-8.5%

57.6%

7.143

St Andrew Goldfields

CAD 1.25

-8.8%

220.5%

0.429

Klondex Mines

CAD 1.76

-8.8%

53.0%

0.054

Averages/total

 

-3.1%

124.0%

316.137

Weighted averages

 

-3.5%

52.8%

 

* 12-month ** Mainly silver

 

 

 

 

Source: market data; tables compiled by Barry Sergeant

 

 

Write to Barry Sergeant: barry@moneyweb.co.za

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